Microeconomy questions

Question

1) What is the input and what is the output of an economy?

2) How are production, consumption and distribution parts of an economy?

3) How does economic efficiency extend the definition of efficiency beyond technical efficiency?

Answer 1

1: Input are resources and output are products and services.

2: These all are chained members of economic circle.

3: Technical means least waste/loses but economic takes into account cost/prices and satisfaction (utility).